Compare two of Australia's most prominent peer-to-peer lenders to find out which one will work for you.
Peer-to-peer (P2P) loans offer a number of benefits to borrowers, including very competitive rates that are tailored to your credit position and a fast turnaround time. But which lender will offer you the best P2P option? On this page, we compare the costs and main features of two of Australia's main P2P lenders, SocietyOne and RateSetter.
| SocietyOne | RateSetter | |
|---|---|---|
| Interest rate | From 7.5% p.a. | From 4.28% p.a. (variable rate) From 7.17% p.a. (fixed rate) |
| Interest rate type | Fixed | Variable rate (rates from 4.28% p.a. with terms from 0.50 year(s) ) Fixed rate (rates from 7.17% p.a.) |
| Secured or unsecured | Unsecured | Secured or unsecured |
| Loan amounts | $5,000 to $50,000 | $2,001 to $45,000 |
| Loan terms | 2-5 years or 5 years | 0.50 years to 5 years |
| Early repayment without penalty? |  |
|
| Eligibility |
|
|
| More | Find out more | Find out more |
Verdict
Both peer-to-peer lenders offer competitive rates that are tailored to your credit score. However, the lenders differ on features such as how much you can borrow, how long you can take out the loan for, whether the loan is unsecured or secured and the type of interest rate. So, keep in mind what you are looking to get out of your personal loan and choose the loan that is right for you.
